LTL intraquarter updates

Old Dominion Freight Line still waiting for market to turn

Old Dominion Freight Line reported a modest improvement in metrics during February but said market conditions “continue to reflect softness in the domestic economy.”

The less-than-truckload carrier saw revenue per day increase 1.2% year over year (y/y) during February, following a 2.7% decline in January. Tonnage was down 3% as a slight increase in shipments was offset by a 3.2% decline in weight per shipment. January saw a 2.3% decline in shipments while shipment weights were 3.2% lower.

January...

https://www.freightwaves.com/news/old-dominion-freight-line-still-waiting-for-market-to-turn

Forward Air’s tonnage inflects further upward in Q4

Forward Air says tonnage has moved further into positive territory during the fourth quarter.

The company’s expedited segment, which includes less-than-truckload operations, saw a 5.5% year-over-year (y/y) increase in tons per day during the first two months of the fourth quarter, Forward Air said in an update issued Wednesday after the market closed. The result follows a slight decline in the third quarter.

Weight per shipment jumped 11% y/y and revenue per shipment was 2.6% higher in the...

https://www.freightwaves.com/news/forward-airs-tonnage-inflects-further-upward-in-q4

ArcBest’s November tonnage dips further, yields up

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ArcBest saw tonnage fall again in November as it continues to use a favorable less-than-truckload...

https://www.freightwaves.com/news/arcbests-november-tonnage-dips-further-yields-up

XPO’s November shipment increase needed to fill 28 new terminals

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Less-than-truckload carrier XPO reported shipments were up again in November but that lower shipment...

https://www.freightwaves.com/news/xpos-november-shipment-increase-needed-to-fill-28-new-terminals

Yellow’s big tonnage declines part of network restructuring

Two YRC trucks on the highway

A third-quarter update from less-than-truckload carrier Yellow Corp. was reflective of the network restructuring the company has undertaken. Through the first two months of the third quarter tonnage was down by mid-teen percentages year over year (y/y), which significantly outpaced mixed results from peers.

Yellow (NASDAQ: YELL) is currently executing a network overhaul in which it has consolidated all of its separately run LTL brands onto the same tech platform. It is also rationalizing some...

https://www.freightwaves.com/news/yellows-tonnage-declines-part-of-network-restructuring

Success of Forward Air’s freight upgrade extends beyond easy comps

A Forward Air trailer being pulled by an independent contractor

Asset-light less-than-truckload provider Forward Air said Monday that its decision to swap out “inefficient freight” over the past year continues to deliver the returns it had hoped. The company reported a 16% year-over-year (y/y) increase in revenue per shipment for the first two months of the third quarter, a sizable increase considering the easy comps have faded.

Many LTL carriers used a very strong trucking market to replace lower-margin customer accounts. However, there likely isn’t another...

https://www.freightwaves.com/news/forward-airs-freight-upgrade-extends-beyond-easy-comps

ArcBest update shows signs of moderation; Saia EPS estimates cut

ABF Freight truck on highway

More signs of deceleration in the less-than-truckload space were evident Thursday when ArcBest provided a third-quarter update and one analyst cut expectations for Saia following its lackluster report on Wednesday.

Revenue for the industry continues to move higher year over year (y/y) as pricing remains firm. However, volumes have moderated, signaling that even one of the best performing modes over the last several quarters may be feeling the impacts of slowing macroeconomic trends.

ArcBest’s (NAS...

https://www.freightwaves.com/news/arcbest-update-shows-signs-of-moderation-saia-eps-estimates-cut

LTL stocks sag on weaker-than-expected Q3 updates

Old Dominion and Saia trailers at a warehouse

A couple of less-than-truckload carriers reported moderating trends Wednesday. Third-quarter updates from both Old Dominion Freight Line and Saia Inc. showed that the robust year-over-year (y/y) growth rates recorded over the last few quarters are continuing to slow.

Old Dominion (NASDAQ: ODFL) reported revenue was up 14.5% y/y in August, a growth rate that was 390 basis points (bps) lower than it recorded in July. Tonnage during the month was down 0.9% y/y following a 1.4% decline in July....

https://www.freightwaves.com/news/ltl-stocks-sag-on-weaker-than-expected-q3-updates

Yellow’s Q2 volumes fall again amid network overhaul

Trailers parked at a Yellow terminal

Volume declines continued for less-than-truckload carrier Yellow Corp. in May. After the market closed Thursday, the company reported a 17.2% year-over-year decline in tonnage during the month, which followed a similar drop in April. The declines are part of a plan to cull unwanted freight from the network and drive yields and margins higher.  

On Yellow’s (NASDAQ: YELL) first-quarter earnings call, management said the tonnage declines had peaked in February, which saw a 27% year-over-year drop....

https://www.freightwaves.com/news/yellows-q2-volumes-fall-again-amid-network-overhaul

Old Dominion update points to strong Q2

Old Dominion rig headed to Indianapolis

Old Dominion Freight Line announced Monday that revenue increased 26% year-over-year on a per-day basis in May. The carrier previously disclosed a 29.1% increase for the month of April. The report continues a string of positive second-quarter updates from less-than-truckload carriers.

Tonnage was up 2.3% in May at Old Dominion (NASDAQ: ODFL), following a 6.4% rise in April but higher yields drove the bulk of the revenue jump. Through the first two months of the quarter, revenue per hundredweight...

https://www.freightwaves.com/news/old-dominion-update-points-to-strong-q2

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